ISLAMABAD: The Federal Inves­ti­gation Agency (FIA) has recovered Rs1.273 billion from 422 suspects in 335 cases of financial crimes during the current year in compliance with the action plan for the Financial Action Task Force (FATF).

Pakistan has been on the grey list of the FATF since 2018. The FATF had in its October 2021 meeting acknowledged “good progress” made by the country, but retained it on the grey list and called upon the government to exhibit terror financing investigations against and prosecution of top cadres of UN-designated terror groups.

According to the FIA statistics, 95 cases of financial crimes were registered during December alone, including those against illegal currency dealers and persons involved in hawala/hundi (illegal money transfer business). As many as 127 suspects were arrested and Rs201 million and foreign currency equivalent to Rs89m were seized.

On the references sent by the State of Pakistan, 32 cases were registered, as many persons arrested and Rs61m and foreign currency worth Rs31.61m recovered. Likewise, 271 cases related to suspicious bank transactions and against currency exchange companies were registered.

Says anti-corruption drive will help govt meet FATF’s requirements

The FIA has registered hundreds of FIRs during its anti-corruption drive and found 46 suspects nominated in the cases involved in money laundering during investigations. As a result, more cases were registered under which Rs208m was seized.

During the last nine months, the FIA registered 312 FIRs related to hawala/hundi, arrested suspects and seized Rs897m. After completing investigations, challans against these suspects have been sent to the court.

On the reports of the intelligence agencies, 103 cases were registered, 140 accused arrested and Rs530m in domestic and foreign currency was recovered.

FIA Director Waqar Chauhan said during a press briefing on Wednesday that Pakistan extended cooperation with Interpol and other agencies and enhanced collaboration with regard to keeping check on overseas properties bought by Pakistani nationals or arrest of suspects involved in financial crimes. In this regard, more than 650 Mutual Legal Assistance requests have been sent to Interpol this year.

Throughout this campaign, constant liaison and cooperation had been maintained with the State Bank of Pakistan’s Financial Monitoring Unit and other agencies, he added.

Mr Chauhan said that in the coming days, the FIA would continue cracking down on financial crimes, which were hurting the national economy.

All of the above actions are also required in the FATF action plan. However, the performance of the FIA was above the requirements/targets given by the FATF, he added.

As a result of the campaign, the FIA had achieved significant results against financial crimes, Mr Chauhan said, adding that the agency continued to take effective action against money laundering in the light of the National Risk Assessment-2019 and other administrative, operational and legal measures of the government.

Published in Dawn, December 30th, 2021